Anson Resources Ltd’s (ASX:ASN) (FRA:9MY) initial ground-truthing program at the 100%-owned The Bull Project in Western Australia has confirmed the interpreted mafic-ultramafic intrusive complex, with copper values up to 1,845 parts per million (ppm).
This indicates that The Bull has a similar geological terrane as Chalice Gold Mines Limited’s (ASX:CHN) (OTCMKTS:CGMLF) (FRA:C8U) Julimar Nickel-Copper-Platinum Group Elements (PGE) discovery correlating with the geophysical interpretation.
The three major targets identified measure up to 1400 metres in length and 800 metres wide.
Anson executive chairman and chief executive officer Bruce Richardson said: “We continue to be encouraged by the early indications we are receiving from The Bull Project.
“Chalice has provided the roadmap used to make the world-class Julimar discovery and we are following this closely.
“Results received from work completed so far increasingly indicate that The Bull is similar to Julimar.
“The geophysics show us a large magnetic high and interpretation has identified a potential layered intrusive complex, 7 kilometres in length and 2.5 kilometres wide, in the first target area, increasing the initial exploration target significantly.
“The ground-truthing sampling program has confirmed the presence of copper and nickel in mafic-ultramafic rocks at surface confirming the geophysical interpretation.
“The results from the initial low-cost exploration program have developed the project into an exciting opportunity.
“The Bull Project has become the priority focus of the Company in Western Australia and we intend to move forward with the planned exploration program at The Bull to unlock the potential value from this project as quickly as possible.”
Unlock shareholder value
While the Paradox Brine Project in Utah remains the company’s flagship project, Anson plans to conduct further exploration activities at The Bull to potentially unlock further shareholder value.
With renewed focus on nickel sulphide mineralisation and associated copper and PGE minerals Anson’s WA portfolio holds significant potential and is in a favourable position to benefit from the renewed interest in these minerals.
Anson is following the ‘exploration pathway’ used by Chalice to discover Julimar.
Rock chip samples confirm the mafic-ultramafic intrusive complex interpretation.
➢ Samples geologically identified as mafic and ultramafic rocks
➢ XRF and magnetic susceptibility readings indicative of mafic and ultramafic rocks
Rapid turn-around nickel and copper analyses of rock chip samples by a portable XRF will be followed by precious metals analysis by a commercial laboratory, which will be announced when completed.
Resulting nickel geochemical targets will be surveyed using airborne electromagnetic surveys.
Similar to Julimar
The Julimar mineralisation, which remains open in all directions, could point to a regional scale discovery, including The Bull area.
Based on the presence of similar magnetic signatures, similar copper and nickel results and the lack of previous exploration, it is considered that The Bull is highly prospective for nickel-copper-PGE, as it could host extensions or repeat of similar orebodies discovered at Julimar.
However, further exploration is required.
Anson has compared these respective early-stage exploration results and identified the steps that need to be undertaken in the next stage of the exploration program.
Proposed exploration program
Land access discussions with landowners for the next stage of the planned exploration program have already commenced.
The next stages of the low-cost exploration program include:
➢ Geologically mapping outcropping bedrock:
- Sample and assay outcropping bedrock/laterite to create additional targets
- Assaying for Cu, Ni, Au, Pt, Pd and other minerals
➢ Airborne drone magnetic survey;
➢ Ground gravity survey;
➢ Identification of conductor plates; and
➢ Determination of initial drilling targets
Re-processing of the aeromagnetic data and sampling of the outcropping bedrock/laterite has already commenced.
The MLEM survey will be conducted over the next few months with the initial small-scale drilling program to be carried out in the first quarter of 2021.